Fewer Underwater Mortgages
There’s been a decline in the percentage of mortgage borrowers who owe more than their homes are worth.
Fewer people are underwater on their mortgages — further evidence that the real estate free-fall may be slowing.
Just 21% of all single-family homeowners owe more on their mortgage balances than their homes are worth, according to a third quarter residential real estate report from Zillow.com. That is down from 23% at the end of the second quarter.
That is good news because it should help reduce the number of homeowners losing their homes to foreclosure. Being underwater is one of the two factors that lead to foreclosure, the other being, of course, not having enough income to make the monthly payments.
“The decline in the percentage of homeowners with negative equity is a positive sign and is directly attributable to the stabilization of home values from the second quarter to the third,” said Zillow chief economist Stan Humphries.
Good news: Fewer underwater mortgages
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